News: Northern New England

Pro Con Inc progressing at West Street Hotel on Bar Harbor Waterfront

Construction is progressing at the West Street Hotel, a new boutique hotel over looking the waterfront and near the Bar Harbor Town Dock. The developer and owner of the property is West Street Properties LLC. Pro Con Inc is the architect and construction manager for the mixed-use development that will include the hotel, retail space and restaurants. West Street Hotel's location along the waterfront offers views of the harbor and is in walking distance to the downtown. All of the hotel's 102 guestrooms will feature water views and individual balconies. The hotel's public spaces will include tile floors, granite countertops and custom millwork. Plans call for the hotel to include a restaurant, roof top pool, and a fitness room. The development will have ground level retail spaces available for future commercial tenants. "The exterior siding, brick façade and windows are currently being installed," said the project manager for Pro Con Inc. "The roof installation is underway and we expect the hotel to be weather tight before the winter weather sets in."
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Northern New England

November 2024 NH CIBOR president’s message: 10 tips for commercial real estate investors - by Ethan Ash

While many Realtors will tell you what you need to do in order to sell your residential property at the highest price (clean out the junk, update bathrooms and kitchens, paint, etc.) most people don’t get easy to follow guidance on what to do to help your commercial real estate sale. Other than that advice that I
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Interest rates and inflation - by Matthew Bacon

Interest rates and inflation - by Matthew Bacon

As we all know, interest rates have been changing drastically, with movement in both directions, depending on the type and term of financing. The Federal Open Market Committee has taken drastic action in efforts to curb abnormally high inflation, but it hasn’t controlled labor cost growth to the extent that was intended.

The Greater Portland industrial mid-year market update - by Nate Roop

The Greater Portland industrial mid-year market update - by Nate Roop

The industrial market in Maine remains robust, characterized by historically low vacancy rates. As of early 2024, the vacancy rate across the state is below 2%, indicating a continued imbalance between supply and demand. This tight market environment has kept lease rates strong, with many landlords in a favorable position. Asking rates are trending around $10.50 per s/f for
Maine multifamily outlook: Opportunities in Portland, Bangor, and Lewiston-Auburn - Blake Wright and Kristie Russell

Maine multifamily outlook: Opportunities in Portland, Bangor, and Lewiston-Auburn - Blake Wright and Kristie Russell

The multifamily market in Maine’s major cities presents a diverse range of opportunities for investors. We looked at the potential benefits and unique characteristics of three major submarkets in the state: Portland, Bangor, and Lewiston-Auburn. The information below is based on research done in CoStar and county registries, and focuses on multifamily properties that have four or more units. 

Residential is here to untie the office space doom loop - by Thomas House

Residential is here to untie the office space doom loop - by Thomas House

The glut of unused (and to the owners, undervalued) office space because of the advent of work from home is in the process of becoming homes themselves. Though this is an officially supported trend in Boston and other northeast locations, the conversion